LIGHT.CMD 4H Chart: Targets at 75.34
Light.CMD/USD has been appreciating against the US Dollar since the middle of August after the pair reversed from the lower boundary of a six-week ascending channel at 65.00.
Everything being equal, it is likely that the crude oil price will continue its upward movement and aim at the upper boundary of the six weeks ascending channel pattern at 75.34 during the following trading sessions.
However, important resistance levels to look out for is the weekly R1 at 74.45, which could hinder the price from reaching the target this week.
Everything being equal, it is likely that the crude oil price will continue its upward movement and aim at the upper boundary of the six weeks ascending channel pattern at 75.34 during the following trading sessions.
However, important resistance levels to look out for is the weekly R1 at 74.45, which could hinder the price from reaching the target this week.
Currently, the commodity price has tested the weekly PP at 74.74. Furthermore, the 50-hour simple moving average was providing support for the pair at 74.23.
If the light.CMD/USD holds the resistance line at 74.74 then its back toward the weekly S1 at 72.56 for the pair but if this resistance level as mentioned above breaks, the buy could extend to 76.51 during the following trading sessions.